TheChek News Flow

>>> Brokers Upgrades & Downgrades - 13th of April 2015

>>> Up

*AMPLIFON RAISED TO BUY VS HOLD AT JEFFERIES

*GN STORE NORD RAISED TO BUY VS UNDERPERFORM AT JEFFERIES

*GOLD FIELDS RAISED TO HOLD AT HSBC

*HSBC RAISED TO EQUALWEIGHT AT MORGAN STANLEY

*SONOVA RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES

*WILLIAM DEMANT RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES

>>> Down

*AALBERTS CUT TO HOLD VS BUY AT ING

*ANGLO AMERICAN CUT TO SELL VS NEUTRAL AT CITI

*BOLIDEN CUT TO NEUTRAL VS BUY AT UBS

*CARLSBERG CUT TO EQUALWEIGHT AT BARCLAYS

*DET NORSKE CUT TO NEUTRAL VS BUY AT UBS

*DRILLISCH CUT TO NEUTRAL VS BUY AT CITI

*FERREXPO CUT TO SELL VS NEUTRAL AT UBS

*GEM DIAMONDS CUT TO NEUTRAL VS BUY AT CITI

*GLENCORE CUT TO NEUTRAL VS BUY AT CITI

*GREAT PORTLAND ESTATES CUT TO HOLD VS BUY AT HSBC

*LONMIN CUT TO NEUTRAL VS BUY AT CITI

*PEARSON CUT TO UNDERPERFORM AT JEFFERIES

*RIO TINTO CUT TO NEUTRAL VS BUY AT CITI

*VEDANTA CUT TO SELL VS NEUTRAL AT CITI

>>> PT Change

>>> Initiation

*AVIVA RESUMED OVERWEIGHT AT MORGAN STANLEY, PT 633P

*AVIVA RESUMED OVERWEIGHT AT BARCLAYS, PT 621P

*STROEER MEDIA RATED NEW BUY AT BANKHAUS LAMPE, PT EU41

*VIRGIN MONEY RATED NEW HOLD AT BERENBERG, PT 400P

>>> Call

>> Sector

*EUROPE BASIC RESOURCES SECTOR CUT TO NEUTRAL AT CITI

>>> What to look at today : 13th of April 2015 (Week end included)

Dow +0,55% S&P +0,52% Nasdaq +0,43% Russell +0,45%

Global equities surged even higher this week, putting leading indices at or near all-time highs. The DAX closed out Friday at a fresh all-time high of 12,374. In Japan, the Nikkei briefly topped 20,000 for the first time in 15 years on several big corporate deals and hopes for more stimulus in China. The Hang Seng advanced to seven-year highs on record volumes as mainland investors bought their entire 10.5 billion yuan daily investment quota for Hong Kong stocks for two straight days. The dollar index had its best week in four years, aided by continued euro softness plus a dip in sterling as February UK industrial and construction data disappointed. The DJIA and S&P500 came close to their mid-March all-time highs, and for the week, the DJIA gained 1.6%, the S&P added 1.7% and the Nasdaq rose 2.2%...In China,Trade surplus was the lowest in over a year, as both exports and imports were down by double digits at -15.0% v +9.0%e and -12.7% v -10.0%e respectively. Soft external demand was visible in all regions, with shipments to US falling 8%, EU by 19%, and Japan by 25%. Imports decline was also notable considering sequential improvement in iron ore and crude oil shipments. After the release, China customs noted that while Q1 disappointment was attributed to seasonality around the Lunar New Year, Q2 will see some improvement despite ongoing uncertainty. Customs bureau added imports drop was due to lower commodity prices, and the govt will work to meet broader 2015 targets. Shanghai Composite preserved its gains however as markets viewed the shortfall within the context of supporting continued PBoC easing trend.After last week's outsized gains, the Hang Seng has taken a back seat to another rally in Shanghai despite reports that the Shanghai-Hong Kong stock connect quota may expand to CNY40B for southbound and CNY20B for northbound flows. While the pipeline for investment funds expands, a separate Chinese press report citing a member of the National People's Congress indicated Beijing is looking to impose a limit on the number of mainland Chinese visitors to Hong Kong. In Japan, money supply data met consensus, machine order decline was smaller than expected, and corporate goods inflation was higher than estimated. Despite the more upbeat results, BOJ Gov Kuroda reiterated core CPI is expected to stay around zero for time being due to energy prices, pledging to maintain QE for as long as needed to stably hit 2% inflation. BOJ also released its minutes from the mid-March meeting where it issued a familiar assessment calling for economy to continue moderate recovery as inflation expectations rise from a longer-term perspective.

Nikkei -0.08% Hang Seng +0.93% Shanghai +1.26%

RUB $53.4625 EURCHF 1.0381 CHF 0.9806 EUR$ 1.0587 WTI $51.76

S&P -0.07% EuroStoxx +0.16% Dax +0.13% SMI -0.09%

Macro :

- Fed’s Williams Sees Less Rate Retreat Risk, Reuters Says

- TTIP Talks May Not Be Concluded in 2015, Gabriel Tells Focus

- Qatar’s GIS Says Client to Release Oil Rig in May on Low Prices

- Obama, Cuba’s Castro Agree to Disagree at Historic Meeting

- UPS to invest EUR 1bn in European takeover offensive - Wirtschaftswoche

Keep an eye on :

- AIR FP : Airbus Group Commits to ‘Make in India’ During Modi Visit

- AIR FP : Airbus’s Bregier Says Euro Drop Has No Short-Term Impact

- BA/ LN : BAE Seeks Govt Approval to Name Foreigner as CEO: Sunday Times

- BP IM : Banco Popolare in Talks for Possible Combination: Ansa Cites CEO

- BMPS IM : Monte Paschi Said in Talks to Sell EU1b of Bad Loans

- AM FP : Modi Asks France to Supply 36 Dassault Rafale Warplanes to India

- DIA SM : Dia Wins Antitrust Approval to Buy Supermarkets From Eroski

- DWNI GY : Deutsche Wohnen Ads Warn Conwert Holders of ‘Castles in the Air’

- FCA IM :Fiat Chrysler Recalls Fiat 500 EV Vehicles on Electrical Issue

- FNC IM : Finmeccanica to Decide on Partner for DRS in September: Ansa

- GWI1 GY : Gerry Weber Intl Ready for More Acquisitions: Boersen-Zeitung

- GKP LN : Gulf Keystone likely to be subject of reverse takeover by T5 Oil and Gas - Irish examiner

- ICAD FP : CFO to leave in next few weeks.

- BAER VX : Julius Baer CEO Denies Credit Suisse Merger Rumors, SamS Says

- KU2 GY : Kuka May Expand Into Service Robots, CEO Reuter Tells Die Welt

- LG FP : LafargeHolcim May Be Renamed, Reitzle Tells SZ

- LHA GY : Lufthansa’s Swiss to Increase Cabin Crew by 20% by 2016: T-A

- MS IM : EI Towers Cuts Acceptance Minimum for RAI Way Offer to 40%

- MOR GY : MorphoSys to Get Milestone Payment for Guselkumab Program

- PBR US : Petrobras Said to Consider Prized Oil Area in Divestment Plan

- P1Z GY : Patrizia to Offer ‘Opportunistic’ Investments: Euro am Sonntag

- PNL NA : FMR’s Stake in PostNL Rises to 5.17%, Regulatory Filing Shows

- RDSA NA : Shell Submits Plan for Arctic Drilling to U.S. Interior Dept.

- RWE GY : RWE May Seek Up to 30% Savings in Administration: Handelsblatt

- SAN FP : Sanofi Won’t Discount New Insulin More Than Aging Blockbuster

- SIK VX : Sika to Limit Burkard Family’s Votes to 5% at AGM, SamS Reports

- SKG LN : International Paper working on EUR 36 per share bid for Smurfit Kappa, Deutsche Bank advising

- SKP LN : Skyepharma might be bid target for rival - Daily Mail

- STL NO : Statoil to See Scope of Cost Cutting Before Summer, DN Reports

- TGS NO : *TGS SAYS DEMAND ‘SIGNIFICANTLY’ DETERIORATED; CUTS REV. OUTLOOK !!!!

- WIN GY : Wincor Nixdorf Targets Net Sales, Ebita Won’t Be Met

- VIV FP : Vivendi says has not made any bid for Lagardere and has no plans to do so - Le Figaro {http://bit.ly/1JC2IkE}

- VOW3 GY : Wolfgang Porsche Backs VW CEO Winterkorn After Piech’s Criticism

>>> Costa Group said to interest Fosun, Driscoll's, Canada Pension Plan Investme

Costa Group said to interest Fosun, Driscoll's, Canada Pension Plan Investment Board, and private equity

Fosun, Driscoll’s and Canada Pension Plan Investment Board are said to be among buyers for Costa Group, the Australian fruit and vegetables business, the Australian Financial Review reported.

According to the report in the paper’s Street Talk column private equity buyers, including The Carlyle Group, Bain Capital, CHAMP Private Equity, and Barings Private Equity, are also considering indicative offers, but could struggle to compete on price.

The report noted that Costa’s owners, the Costa family and Paine & Partners are considering whether to list the company or sell it to a trade player.

Costa could be worth up to AUD 1bn (USD 767m).

Goldman Sachs and UBS are advising Costa.

An item in The Australian said that an Asia-based buyer is thought most likely to buy Costa.

The item said that Monde Nissin, the Philippines-based food business, could be actively looking at Costa, since its has been acquisitive in Australia recently.

The item also noted that private equity groups, including Kohlberg Kravis Roberts, CHAMP Private Equity, and Pacific Equity Partners have been deterred from Costa due to price.

Australian Financial Review, The Australian

>>> UPS to invest EUR 1bn in European takeover offensive

UPS to invest EUR 1bn in European takeover offensive

United Parcel Service is looking to invest EUR 1bn in Europe to enlarge its network and distribution, German magazine Wirtschaftswoche reported, citing UPS Germany CEO Frank Sportolari.

The investment means the number of sorting centres and delivery points will increase, the report quoted Sportolari as saying.

UPS is going on a “takeover-offensive in Europe” following competitor FedEx’s bid for TNT Express, a Dutch package delivery film, the report said. A UPS bid for TNT was blocked by European regulators in 2013 due to concerns about competition. Sportolari said that attempt “has lost time” due to that failed bid.

Wirtschaftswoche

>>> Asian Update

Asian Mid-session Update: China trade figures disappoint with lowest surplus in over a year

***Economic Data***

- (CN) CHINA MAR TRADE BALANCE: $3.1B V $40.1BE (lowest since Feb 2014)

- (JP) JAPAN MAR MONEY STOCK M2 Y/Y: 3.6% (3-month high) V 3.6%E; M3 Y/Y: 3.0% V 3.0%E

- (JP) JAPAN MAR CGPI (PPI) M/M: +0.3% (8-month high) V -0.1%E; Y/Y: 0.7% (3-month high) V 0.4%E

- (JP) JAPAN FEB MACHINE ORDERS M/M: -0.4% (2nd straight decline) V -2.2%E; Y/Y: 5.9% V 4.3%E

- (NZ) NEW ZEALAND MAR TOTAL CARD SPENDING M/M: 1.3% V 0.4% PRIOR; RETAIL SPENDING M/M: 0.8% V 0.8%E

- (KR) SOUTH KOREA MAR IMPORT PRICE INDEX M/M: 0.4% V 2.8% PRIOR; Y/Y: -17.1% V -17.8% PRIOR; EXPORT PRICE INDEX Y/Y: 0.9% V 1.5% PRIOR; M/M: -6.8% V -8.1% PRIOR

***Index Snapshot (as of 02:30 GMT)***

- Nikkei225 -0.1%, S&P/ASX flat, Kospi +0.1%, Shanghai Composite +1.3%, Hang Seng +0.4%, Jun S&P500 -0.1% at 2,094

***Commodities/Fixed Income***

- Jun gold +0.1% at $1,205/oz, May crude oil +0.4% at $51.83/brl, May copper +0.3% at $2.742/lb

- SLV: iShares Silver Trust ETF daily holdings rise to 10,084 tonnes from 10,010 tonnes prior; first rise since Mar 8th

- GLD: SPDR Gold Trust ETF daily holdings fall 1.7 tonnes to 734.3 tonnes

- (KR) South Korea sells 5-yr bond, avg yield 1.825%

- (JP) BOJ offers to buy ¥70B in JGBs with maturity less than 1-yr, ¥400B in 5-10yr JGBs

***Market Focal Points/FX***

- Last week, a Chinese press report citing a Customs official foreshadowed soft trade activity by calling for additional policy support to revive the sector, and today's official trade data justified the pessimism. Trade surplus was the lowest in over a year, as both exports and imports were down by double digits at -15.0% v +9.0%e and -12.7% v -10.0%e respectively. Soft external demand was visible in all regions, with shipments to US falling 8%, EU by 19%, and Japan by 25%. Imports decline was also notable considering sequential improvement in iron ore and crude oil shipments. After the release, China customs noted that while Q1 disappointment was attributed to seasonality around the Lunar New Year, Q2 will see some improvement despite ongoing uncertainty. Customs bureau added imports drop was due to lower commodity prices, and the govt will work to meet broader 2015 targets. AUD/USD fell over 60pips on the China trade data release, testing below $0.76 level. Shanghai Composite preserved its gains however as markets viewed the shortfall within the context of supporting continued PBoC easing trend.

- With China Q1 GDP on tap for release later this week, slowing demand for basic materials on the mainland continues to reverberate in Australia. Treasurer Hockey warned that iron ore prices are now estimated as low as $35/ton, resulting in annual loss of as much as A$6.25B relative to prior forecasts. Recall last week Atlas Iron announced its iron ore operation is no longer viable. Over the weekend, Fortescue said it would maintain production at 165M tons per year, despite a controversial call by its chairman to curb output to prop up prices. Note that Citigroup and UBS cut their iron ore targets to $48 and $45 respectively.

- After last week's outsized gains, the Hang Seng has taken a back seat to another rally in Shanghai despite reports that the Shanghai-Hong Kong stock connect quota may expand to CNY40B for southbound and CNY20B for northbound flows. While the pipeline for investment funds expands, a separate Chinese press report citing a member of the National People's Congress indicated Beijing is looking to impose a limit on the number of mainland Chinese visitors to Hong Kong.

- Outside of China trade, economic data was heavily concentrated around Japan, where money supply data met consensus, machine order decline was smaller than expected, and corporate goods inflation was higher than estimated. Despite the more upbeat results, BOJ Gov Kuroda reiterated core CPI is expected to stay around zero for time being due to energy prices, pledging to maintain QQE for as long as needed to stably hit 2% inflation. BOJ also released its minutes from the mid-March meeting where it issued a familiar assessment calling for economy to continue moderate recovery as inflation expectations rise from a longer-term perspective. USD/JPY opened a touch lower, but subsequently rose about 30pips toward 120.50.

***Equities***

US equities / ADRs:

- WMT: Walton family intends to sell shares from time to time to offset increases in ownership from company share buyback

- NFLX: Seeks shareholder approval to increase share authorization to 5 billion (from 170M currently) to facilitate dividends, financing and deal making - filing for annual meeting to be held June 9th

Notable movers by sector:

- Consumer Discretionary: China Southern 600029.CN +0.7% (Q1 guidance)

- Financials: CITIC Securities 6030.HK +0.9%, Haitong Securities 6837.HK +0.6% (China relaxes rule on brokerage accounts per investor); China Merchants Bank 3968.HK +17.4% (plans private placement; to launch employee incentive program); Galaxy Securities 6881.HK +4.3% (Mar op results); T&D Holdings 8795.JP -3.6% (FY14/15 results)

- Materials: Sirius Resources SIR.AU +5.6% (issues exploration update)

- Technology: Mesoblast MSB.AU +23.4% (Celgene to acquire shares); Disco Corp 6146.JP +3.2% (press speculation on FY14/15 results)

- Healthcare: Tsumura & Co 4540.JP -1.5% (press speculation on FY14/15 results)

(BFW) Morgan Stanley Sees Global Oil Fundamentals Deteriorating

BFW 04/13 03:13 *PHYSICAL OIL MARKETS STARTING TO WEAKEN, MORGAN STANLEY SAYS
BFW 04/13 03:13 *MORGAN STANLEY SEES GLOBAL OIL FUNDAMENTALS DETERIORATING

Morgan Stanley Sees Global Oil Fundamentals Deteriorating
2015-04-13 03:24:40.564 GMT

By Ben Sharples
(Bloomberg) -- Global refining margins, while still
healthy, have fallen materially, Morgan Stanley says in e-mailed
report on Monday.
* Appetite for non-U.S. crudes should diminish as U.S. runs
increase during coming weeks, adding to product builds and
putting pressure on global refining margins
* Higher production/exports from Iraq, Libya, Saudi Arabia,
and Russia adding supply
* Brent 1-2 prompt structure has deteriorated to near floating
storage economics
* These factors and reports of slow sales of West African
cargoes were precursor to price correction last summer

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the reporter on this story:
Ben Sharples in Melbourne at +61-3-9228-8732 or
bsharples@bloomberg.net

To contact the editor responsible for this story:
Pratish Narayanan at +65-6212-1898 or
pnarayanan9@bloomberg.net

(BFW) Brent to Avg $60/Bbl in 2015, $72?bbl in 2016: Morgan Stanley

Brent to Avg $60/Bbl in 2015, $72?bbl in 2016: Morgan Stanley
2015-04-13 03:38:05.415 GMT

By Serene Cheong
(Bloomberg) -- Crude oversupply continues amid
strengthening demand, analyst Adam Longson says in e-mailed
report dated April 12.
* Demand for transport fuels robust while crude demand strong
since 2014
* On supply side, falling capex should slow growth especially
in the US; pressing challenges come from rising U.S. dollar
and prospect of supply returning from Iran, Iraq or Libya
* After 2016, recovery will be price, policy dependent
* Modest recovery into 2016; underinvestment could push Brent
toward $85/bbl in 2017-2018, assumes unchanged US export
policy through mid-2017 and no change in Iran sanctions
* NOTE: Morgan Stanley sees oil prices driven by sentiment, FX
moves

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Serene Cheong in Singapore at +65-6311-2436 or
scheong20@bloomberg.net
To contact the editors responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net
Sharmilpal Kaur

WSJ: Activist Puts Pressure on Qualcomm

Activist Puts Pressure on Qualcomm

Jana Partners urges chip maker to consider breakup, other steps to improve stock price

Qualcomm Inc. is under pressure from activist investor Jana Partners LLC to consider a breakup and other options to boost the giant chip maker’s sagging stock price.

Jana is asking Qualcomm to consider spinning off its chip unit from its patent-licensing business, which accounts for most of the company’s profit, according to a quarterly letter to Jana investors reviewed by The Wall Street Journal. Qualcomm itself proposed the idea 15 years ago but later called it off.

Jana—which has purchased a stake of more than $2 billion, making it one of Qualcomm’s largest shareholders—also is calling on the company to cut costs, accelerate stock buybacks and make changes to its executive-pay structure, financial reporting and board of directors, according to the New York hedge fund’s letter, which was slated to be sent to Jana investors Monday.

“Qualcomm welcomes input from our investors and has a track record of active engagement with stockholders,” a spokeswoman for the chip company. “The board and management team will continue to consider actions that are in the best interests of all stockholders.”

Jana executives and Qualcomm’s management have held private discussions since late last year, according to a person familiar with the conversations. In the letter, Jana described the talks as constructive.

Jana is one of the largest activist funds, with $11 billion in assets under management. It tends to work with management behind the scenes, as it did last year in gaining board seats at what is now Walgreens Boots Alliance Inc. Qualcomm, with a market capitalization of about $114 billion, is its largest target to date.

Breakups have been a popular theme in activist campaigns in lately. Last year activists pushed to split up eBay Inc., which is spinning off its PayPal unit, and EMC Corp., which so far has resisted a split. DuPont Co. has pushed back on an activist’s call for the breakup of the chemical company.

Qualcomm, based in San Diego, is the world’s largest maker of chips used in mobile phones. It also earns patent royalties for most smartphones sold since third-generation networks arrived in the past decade. About two-thirds of the company’s profit comes from such royalties.

A highflier in the tech bubble—it was the best-performing stock in the S&P 500 index in 1999—Qualcomm’s stock price is down 11% over the past year and the company’s total returns to shareholders have lagged behind the tech-heavy Nasdaq 100 index over the past five years.

But the company’s shares have outperformed those of many semiconductor peers. Qualcomm also has been more generous than most to shareholders, reporting $37 billion in dividends and share buybacks since 2003.

Still, competitive pressures are weighing on the company. Though it made the modems used in Apple Inc.’s latest iPhones, longtime customer Samsung Electronics Co. opted to use an internally developed processor for its new Galaxy S6 rather than Qualcomm’s latest Snapdragon chip.

Its rivals have aggressively cut costs to win business in the Chinese smartphone market; though the company recently settled an antitrust investigation in that country, it continues to face antitrust probes in the U.S., Europe and South Korea.

Qualcomm has taken steps recently to boost its stock price, including a $15 billion stock buyback announced last month, with $10 billion set to be repurchased in the next 12 months.

In the letter, Jana said the buyback is a positive step but the company needs to do more to capitalize on its strong position in the chip market. The fund said Qualcomm’s chip business is essentially worthless at the company’s present market value.

Qualcomm executives have defended its current corporate structure. But they also have said they regularly evaluate whether it makes sense to keep the chip and patent-licensing businesses together.

Qualcomm Chief Executive Steve Mollenkopf last month said the company continues to believe that the businesses support each other in important ways.

In China, for instance, having both businesses helped the company in talks with government officials during the antitrust investigation, which it settled by agreeing to pay $1 billion in fines and modifying its royalty rates on handsets sold in the country.

“But it’s something that we always look at,” Mr. Mollenkopf said in a March interview. “Are we organized in a way that provides the greatest amount of shareholder value?”

Qualcomm initiated the process of breaking up the company in 2000. It filed a registration statement to spin off its chip business in a tax-free distribution to shareholders, a move explained partly as a way to reduce conflicts in situations where the company sought to license patents to hardware rivals.

But Qualcomm called off the plan the next year.

Analysts at Arete Research Services LLP last month wrote that the chip-making business could have a market valuation of $74 billion, while the patent business could be valued at $87 billion. Arete also suggested an independent Qualcomm chip business could be attractive to suitors such as Intel Corp., or could itself try to buy Broadcom Corp.

The corporate splits proposed by Jana haven’t always worked out. The fund last year sold its stake in Civeo Corp., a lodging company for oil-field workers, in the wake of poor performance after Civeo’s spinoff of oil-and-gas-services company Oil States International Inc. and the sharp drop in oil prices.

WSJ : Media M&A May Soon Have Its Day

Media M&A May Soon Have Its Day

A wave of consolidation may be on the way

It could still be the media-industry equivalent of the shot heard round the world. Comcast’s proposed purchase of Time Warner Cable is just taking a bit longer than expected.

News of that deal in February 2014 jolted the media world. Would TV networks, which had arguably held the upper hand in negotiations with pay-TV providers, be able to stand up to this new behemoth? Consolidation seemed inevitable. But after 21st Century Fox’s bid for Time Warner failed, and as the regulatory approval process for the Comcast deal dragged on, that prospect receded.

Now deal talk is picking up again. Comcast said last month it expects the deal to close in the middle of this year, pushing its target back from early 2015. That wasn’t its first delay but media investors seem to think it will be the last. If and when approval is granted, TV-network deal making could get going.

Investors have been assessing likely buyers and sellers. The former are thought to include 21st Century Fox. Fox abandoned its $80 billion offer for Time Warner after it was rebuffed. Time Warner shares now trade above that offer, putting its market capitalization just shy of Fox’s. But its assets, including the Turner cable business and HBO, combined with its international presence and sports content deals make buying it the quickest way to bulk up in the most important strategic areas for pay-TV negotiations.

Investors also speculate that Liberty Media Chairman John Malone may be trying to build a media giant, much as he has begun to do with cable via his investment in Charter Communications. Mr. Malone owns major voting stakes in Discovery Communications and Starz, as well as a smaller stake in studio Lions Gate Entertainment.

One thing he lacks is a broadcast network. These have benefited from rapidly growing, high-margin retransmission fees and are considered must-haves, even for smaller online TV bundles. Mr. Malone also is missing deals with the major sports leagues.

CBS would offer both of these, one reason some think Mr. Malone has his eye on the broadcaster. At a recent conference, Liberty Media Chief Executive Greg Maffei may have signaled his company’s appetite for a big deal. Responding to a question about his plans for the $2.8 billion in cash held by Liberty Ventures, he said he was interested in “scaling up the capital” and that “all the money has been made in a couple of big deals when we swung for the right pitch.”

Gaining control of CBS would require buying the 79.7% voting stake held by Sumner Redstone’s National Amusements. Mr. Redstone, who is 91 years old, hasn’t shown interest in a sale but control of that stake will pass to a trust after he dies. The trust is likely more open to a sale of CBS or its sister company Viacom.

Time Warner, which also lacks a broadcast network, is another potential buyer but may be more focused on achieving the defensive targets it laid out during its investor meeting last October, including adjusted earnings per share of more than $8 in 2018. The consensus forecast for this year is $4.65.

Other sellers could include smaller media companies such as AMC Networks,Scripps Networks Interactive or Madison Square Garden, which may be looking to combine forces or merge with a bigger company to gain more leverage in affiliate-fee negotiations. One possibility is that Viacom could sell its Paramount Pictures movie studio and merge its cable networks with one of these firms.

Betting on media mergers is risky. Very few companies look cheap, and prospective buyers may be waiting for valuation multiples to fall—something that bid speculation blocks. Still, strategically valuable firms like Time Warner and CBS may attract offers anyway.

And regulators might yet reject Comcast’s deal. Even that won’t necessarily derail consolidation, though. Charter announced recently it would buy Bright House Networks for $10.4 billion. And Mr. Malone has said Charter would try to buy Time Warner Cable if the Comcast deal founders. Comcast’s cliffhanger has yet to be resolved, but media matchmaking may be just getting started anyway.

>>> What to look at this week end - 11th & 12th of April 2015

Weekly Perf in local currencies

Dow +1,66% S&P +1,70% Nasdaq +2,23% Russell +0,73%

EuroStoxx+2,74%% FTSE +4,12% CAC -0,10% Dax+3,11% Ibex+1,55% SMI +3,66%

Global equities surged even higher this week, putting leading indices at or near all-time highs. The DAX closed out Friday at a fresh all-time high of 12,374. In Japan, the Nikkei briefly topped 20,000 for the first time in 15 years on several big corporate deals and hopes for more stimulus in China. The Hang Seng advanced to seven-year highs on record volumes as mainland investors bought their entire 10.5 billion yuan daily investment quota for Hong Kong stocks for two straight days. The dollar index had its best week in four years, aided by continued euro softness plus a dip in sterling as February UK industrial and construction data disappointed. The DJIA and S&P500 came close to their mid-March all-time highs, and for the week, the DJIA gained 1.6%, the S&P added 1.7% and the Nasdaq rose 2.2%.

Macro :

- TTIP Talks May Not Be Concluded in 2015, Gabriel Tells Focus

- Qatar’s GIS Says Client to Release Oil Rig in May on Low Prices

- Obama, Cuba’s Castro Agree to Disagree at Historic Meeting (3)

Keep an eye on :